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NEW YORK — Michael A. Peterson, President and COO of the Peter G. Peterson Foundation, commented today following the release of budget results for fiscal year 2014 by Treasury Secretary Jacob Lew and Office of Management and Budget Director Shaun Donovan:
"Today’s report confirming that current deficits have improved is good news, and presents an opportunity for policymakers to address our still dangerous long-term fiscal outlook. As the country thankfully moves beyond the Great Recession and a damaging series of self-inflicted fiscal crises, it is time for lawmakers to work together on a comprehensive plan to stabilize the debt over the long term, which will boost economic confidence and help continue the recovery."
The non-partisan Congressional Budget Office (CBO) reports that the United States remains on an unsustainable long-term fiscal path. CBO projects that, under current law, federal debt will climb from 74% of GDP in 2014 to more than 100% in 25 years. Under its less optimistic alternative scenario, CBO predicts that debt could rise to a staggering 183% of GDP over the same time frame. This unsustainable fiscal path jeopardizes important programs and threatens our future prosperity and role in the world.